Machine & Tools acquired the highest revenue share in the Nepal Servo Motor and Drive Market – 6Wresearch
Machines & tools by end-users garner a major share in the Nepal Servo Motor and Drive Market on the back of the robust industrial sector of the nation which is backed by government initiatives like to develop of special economic zones in every province to promote garment processing industries as well as enhance exports of textile. Also, investments from multinational players like Dabur- to inject USD 80 million to expand the production plant, and similar plans in the pipeline for Unilever, PepsiCo, and Carlsberg to grow their footprint rapidly in fast moving consumer goods sector market in Nepal would further increase the demand for automated machines and tools for production, which in is anticipated to reiterate a positive implication on the market in the country. Nepal Servo Motor and Drive Industry is estimated to experience constant growth in the forecast period owing to the Nepal government policies as well as increased investments in the textile, fast-moving consumer goods industry across the nation.
According to 6Wresearch, Nepal Servo Motor and Drive Market size is projected to grow at a CAGR of 11.1% during 2022-2028. The Servo Motor and Drive Market in Nepal has been rising at a faster pace since this sector in the country is driven by many factors. Nepal servo motor and drive market is in the growth stage owing to increasing number of local and international players in the market due to rising demand in textile, packaging and food processing industry. The market is expected to grow in the future owing to increasing demand from packaging and textile sector. The market will accomplish more growth over the forecast period as the demand for servo motor and drive will continue to rise.
According to Ravi Bhandari, Research Head, 6Wresearch, Low power rating dominated the Nepal servo motor and drive market revenues in 2021, and this segment is likely to continue in the upcoming years owing to high-speed application in food machines, robotics, surface mount technology machines, packaging machines, conveyor belts, and others. Furthermore, rising investment in the textile as well as packaging sector would drive the demand for servo motors and drive the market in the country.
Due to its use in assembly lines, textile machinery, conveyor belts, and other applications, Alternating Current (AC) accounted for the largest sales in the Nepal servo motor and drive market in 2021, and this trend is anticipated to continue during the forecast period.
“The Nepal Servo Motors and Drives Market (2022-2028)” report provides an in-depth analysis with 25 figures and 6 tables, covered in 73 pages. The report on the Servo Motor and Drive Market in Nepal comprehensively covers the industry by servo motor and types, power rating, and applications. The report provides a detailed as well as unbiased analysis of the on-going growth drivers, opportunities/high growth areas, and trends of the market which are anticipated support the stakeholders to align and devise their market strategies according to the latest and future market dynamics.
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